Interview with Corey Woodruff of CMH Capital

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By Andrew Keel. Discovered by Player FM and our community — copyright is owned by the publisher, not Player FM, and audio is streamed directly from their servers. Hit the Subscribe button to track updates in Player FM, or paste the feed URL into other podcast apps.

Welcome back to the Passive Mobile Home Park Investing Podcast, hosted by Andrew Keel. On this episode of the Passive Mobile Home Park Investing Podcast, Andrew talks with Corey Woodruff of CMH Capital. Corey shares how his background in vacation timeshare sales gave him a unique perspective and edge when paired with his knowledge of manufactured housing. Andrew and Corey also talk about what they think the future of the manufactured housing industry will look like. In addition to sharing some insight on CMH Capital and what makes them different, Corey also talks about his perfect mobile home park and the toughest hurdle he had to face when getting into mobile home park investing. Corey shares some common mistakes he sees by other operators and he also shares his advice for passive investors who want to jump into the lucrative world of mobile home parks.

CMH Capital owns 1,600 lots with another 1,200 set to close over the next 60 days! Corey used to work as the President of Sales in the RV/ travel world before leaving his full-time, six-figure paying job in August of 2020 to go into mobile home park investing full time. Corey has 3 kids, and is getting married in August 2021.

Andrew Keel is the owner of Keel Team, LLC, a Top 100 Owner of Manufactured Housing Communities with over 1,600 lots under management. His team currently manages over 20 manufactured housing communities across ten states - AR, GA, IA, IL, IN, MN, NE, OH, PA and TN. His expertise is in turning around under-managed manufactured housing communities by utilizing proven systems to maximize the occupancy while reducing operating costs. He specializes in bringing in homes to fill vacant lots, implementing utility bill back programs, and improving overall management and operating efficiencies, all of which significantly boost the asset value and net operating income of the communities.

Andrew has been featured on some of the Top Podcasts in the manufactured housing space, click here to listen to his most recent interviews: https://www.keelteam.com/podcast-links. In order to successfully implement his management strategy Andrew's team usually moves on location during the first several months of ownership. Find out more about Andrew's story at AndrewKeel.com.

Would you like to see mobile home park value-add projects in progress? If so, follow us on Instagram: @passivemhpinvesting for photos and awesome videos from our recent mobile home park acquisitions!

Talking Points:

00:21 - Welcome to the Passive Mobile Home Park Investing Podcast
01:33 - How Corey got into manufactured housing community ownership
04:00 - The toughest hurdle in the business for Corey
05:29 - The management of parks and Corey’s 1,600 lots
07:26 - Deals and sales
10:56 - The most important things LP’s need to look out for when investing in mobile home parks
12:21 - CMH Capital deal criteria
13:32 - Corey’s perfect mobile home park
13:55 - Common mistakes new operators make when owning mobile home parks
16:00 - The future of the manufactured housing industry and a $15 minimum wage
19:29 - Value proposition at CMH Capital and what makes them different
21:31 - Getting a hold of Corey
22:21 - Conclusion

Links & Mentions from This Episode:

Corey Woodruff email: corey@cmhcapitalinc.com
Keel Team's official website: https://www.keelteam.com/
Andrew Keel's official website: https://www.andrewkeel.com/
Andrew Keel Facebook page: https://www.facebook.com/PassiveMHPin...
Andrew Keel Instagram page: https://www.instagram.com/passivemhpi...
Twitter: @MHPinvestors

Quotes:

“The toughest hurdle, I would say, has really been the attention to detail.” - Corey Woodruff

“Simple is better.” - Corey Woodruff

“When you relate to these people just as in timeshare sales, my goal was always to become their grandkid or their child while I’m there, and that seems to have worked.” - Corey Woodruff

“I guess I’m maybe a little bit too optimistic about mobile home parks. I think the challenges are what they are.” - Corey Woodruff

65 episodes